Around 34 countries across the globe make travel insurance coverage compulsory for travelers
The sudden outbreak of the coronavirus pandemic has bought some severe repercussions to the global health situation. The magnitude of the virus spread was extremely rapid. This situation demanded restriction of travel to ensure safety of the citizens.
The tourists and the tourism industry were among the ones that were affected the most owing to the travel restrictions. Also, the Government has released several travel warnings to discourage non-essential domestic as well as international travel.
But as things seemed to be quite back-to-normal than the earlier months of the pandemic, a resumption could be seen in the traveling plans of the people. Although many travelers who wanted to go on an international trip were anxious about wasting money by postponing/cancelling their flight trip, the domestic tourists seemed satisfactorily relaxed to resume the trip. However, no matter the relaxation, the risk of getting infected still remains.
The ongoing pandemic situation has changed the traveler’s perspective of taking risks completely. People take travel insurance more seriously after the outbreak of the pandemic than ever before. Earlier, people didn't realize the value of travel insurance, and this sudden outbreak of the pandemic changed the entire outlook of the travelers for travel insurance. The pandemic has made travelers realise the fact that ignorance cannot always be bliss.
Now, let's dive into some of the common changes that were observed in the travel insurance purchase:
Customers took travel insurance seriously than ever before:
The number of travelers who purchased travel insurance before the pandemic were relatively low. While the dynamics changed post the outbreak of the pandemic. Earlier, people have mistaken the idea of travel insurance as a policy in general. After the Covid-19, people understood more about the coverage of the plan. They realised that it would not only cover the medical expenses but would also cover some significant setbacks or non-medical reasons they face while they are on the move.
Extended coverage and much more:
Many insurers have come up with or are planning to launch plans that have better protections for any of the repercussions of a potential pandemic. In addition, it is expected that travel insurance will develop more packages for domestic passengers, including travel cancellation coverage and other essential medical benefits.
Indeed, it is no surprise how domestic travel is becoming more popular as 2021 approaches. These changes are definitely added perks to the domestic travelers.
Travel insurance has been compulsory in many countries:
Around thirty-four countries across the globe have made travel insurance coverage compulsory for travelers. The governments of these countries have implemented it compulsory to discourage visitors from falling into a financial crisis caused by medical emergencies, injuries, loss of luggage/passports, collateral destruction or physical harm. Also, because the cost of living and treatment has become relatively high over time.
Travel insurance might not have been required for travelers in other nations, but it is still advised to get one before visiting any international country. It is essential because it is the only credible source of international border assistance. Moreover, it protects everyone from undue costs in cases of a medical emergency, individual accountability, or even other emergencies such as luggage loss.
The bottom line:
It is safer to take the necessary precautions to prevent possible losses in the future. As the pandemic is yet not gone, one must be serious and extremely vigilant when it comes to travelling. Taking things lightly or ignoring the importance of travel insurance can put you in an unpleasant situation later. Therefore, travel insurance is something that we all need to have before packing any other belongings/necessities.
The author is Director, Probus Insurance, Insurtech Broking Company
DISCLAIMER: The views expressed are the author own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.